@Cynthia Lee you should confirm this with an experienced landlord-tenant attorney!

Best part is NJ is not what its made out to be in terms of landlord friendly, the state gets portrayed as the entire state being bad when really most wacky laws are in the major cities and they apply to 5 units or more.  2-4 unit multi families fly below radar per say. 

As JD said, the tenant must list the landlord as "additional interest" on the policy.

Estimate utilities and figure out who pays them (separate meters, landlord paid, etc)5.

Yes, #1 isn't exactly true, but it makes a point that not every landlord and rental can expect to get an A/B class tenant.

It’s a great way to lower your living expenses while gaining experience as a landlord.

When the landlord/PM files a claim, the money is pulled from the tenants bank account or charged to their card.

If a tenant would refuse to pay, you could perform an eviction just as any landlord would be able to do. 

This simply means you have language in your lease that states the landlord is responsible for paying utilities up to a certain $ amount (let's say $100 for the sake of argument).

Unfortunately many landlords take the first group they find in these situations and come from the ideology that all college students are slobs so no sense offering anything nice.